CAVE CREEK, AZ, Aug. 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CBD Unlimited, Inc., formerly known as Endexx Corporation (EDXC), a provider of innovative phytonutrient-based food and nutritional products, is pleased to report year over year revenue growth for its third quarter of fiscal 2019. For the three months ended June 30, 2019, the Company generated over $335,000 in sales, which represents an increase of 52% year over year, and nine months year-to-date $1,252,880 a 108% increase.
Third Quarter 2019 Milestones and Highlights:
- Launched new Premium Blue Line (BalmX and MistX) installed in approximately 1,500 stores across 10 states in mainstream brick and mortar retailers.
- Wholesale value of the 6 premium products manufactured is valued over $5.5 million, with total product lines exceeding $8 million.
- Invested and manufactured six Premium Blue Line SKUs at 35,000 units each.
- Established the foundation to service increased demand and scale with stores on demand.
- Accelerating store growth again in the current quarter as stores are expanding their state rollout schedule.
- New contracted distributors are opening chain stores at 50-500 stores per launch.
- Announced an accelerated convenience store launch program with plans to roll out its products to 1,000 stores per month for a 6-month period reaching roughly 24,000 convenience stores with 2 SKU’s at 20 units per store.
- Showcased its products at ECRM’s Hemp/ CBD Health and Beauty Care Program where the Company was introduced to major retail buyers who extended commitments to the Company. Overall, trade shows in 2019 generated interest in our products from at least 50 leading retail stores across America.
- Completed PCAOB audited financial statements for fiscal years 2018 and 2017 in order to pursue an up listing to a higher OTC Market tier.
- The company is carrying inventory on its books until the inventory is sold, meaning the sale converts inventory to revenue instead of accounts receivable in certain Fortune 50 retailers.
- Increased its fulfillment capacity as the Company continues to grow its e-commerce presence.
- Registration in multiple international markets is accelerating as the Company prepares for targeted channels abroad.
“Our third quarter of fiscal 2019 showcases our accelerated annual growth rate and investment in the long-term success of CBD Unlimited. Our team continues to innovate and exceed expectations as we build strong momentum to finish the fiscal year. Earlier, in December, we forecasted that we would be in 5,000 stores by the end of calendar 2019. We are positioned to surpass this number near term. The company will continue to invest in inventory, innovation and scalability, delivering and executing the business plan,” commented CEO & Chairman Todd Davis. “As we look to the rest of the year, we expect to continue this growth trajectory as we increase our store count exponentially. As we scale aggressively, we continue to watch and listen to the pending FDA suggested guidelines closely. Additionally, we look to efficiently educate the consumer on our CBD products. We look forward to executing continued growth for the remainder of fiscal 2019 and on to 2020,” continued Davis.
About CBD Unlimited, Inc.
CBD Unlimited. Inc. develops and distributes all-natural products from the cannabis sativa plant (hemp) with less than 0.01% THC. Its products range from oils, capsules, topicals, and pet products, all with the shared purpose of therapeutic and pain relief. The science behind these products involves half a decade of research and experiments in order to perfect the accuracy in dosage and delivery of absorption per each serving.
In order to provide conformity with federal and state mandates, the company has incorporated the “Gorilla-Tek” platform into their business practices. The Gorilla-Tek platform is the first standardized hardware agnostic and software solution that tracks high-risk, high-shrink regulated and restricted products maintained under federal/state/local compliance. The platform provides asset protection, inventory management, compliance and an “end of sale” technology integration. Along with that, Gorilla-Tek is tremendously efficient as it provides up-to-the-minute accounting and product details. Gorilla-Tek increases CBD Unlimited Inc.’s productivity, while reducing costs for retailers and costs in time for customers.
Safe Harbor Notice
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the company’s business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements.
For further investor and media information, contact:
CBD Unlimited, Inc.
Chairman & CEO